Bitcoin Price Analyst Says This Can Prevent a Big BTC Drop in Q3 2020

Published on by Cointele | Published on

The price of Bitcoin dropped below $9,000 for a total of eight times in the past two months.

According to a pseudonymous crypto analyst, Bitcoin could sustain its uptrend if it reclaims the 200-day displaced moving average.

Why the $9,200 support level is key for Bitcoin in the near termSince May 13, the $9,200 level has acted as a strong area of support for Bitcoin.

The price of Bitcoin can drop below support levels and still reclaim its momentum if it quickly recovers.

In the first week of May, the price of Bitcoin was hovering at $9,000.

Eventually, as the price of Bitcoin stayed on top of the pivotal DMA, it rallied to as high as $10,440.

There are two potential scenarios for Bitcoin in the upcoming weeks.

Second, Bitcoin clearly rejects $9,200 and $9,000, confirming both as resistance levels as it drops to the $8,000s.

The price of Bitcoin dropped below $9,000 briefly on July 5, but the low volume makes BTC vulnerable to unexpected price spikes or pullbacks.

One variable might sway the price trend of Bitcoin in the near-term to sway towards a correction.

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